Turkey Business Confidence

Turkey: Business confidence hits one-year high in May

May 27, 2013

The Real Sector Confidence Index published by the Central Bank rose slightly from 112.0 points in April to 112.5 points in May. As a result, the index now sits at the highest level seen in one year, but is still 1.4 points below the level observed in the same month last year. A reading above the 100-point threshold indicates an optimistic outlook for economic activity.

The improvement in business confidence was mainly due to an increase in both the current total amount of orders as well as in the total amount of orders in the last three months. Moreover, the general business situation also gained some ground.

FocusEconomics Consensus Forecast panellists see fixed investment growth at 4.5% this year, which is down 0.6 percentage points from last month's estimate. In 2014, investment growth is likely to accelerate to 8.0%.

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The current account balance recorded a USD 2.8 billion surplus in October, up from September’s USD 1.8 billion surplus and a marked turnaround from the USD 3.8 billion deficit observed in the same month last year.

According to data released by Turkstat on 10 December, the Turkish economy lost further steam in Q3, amid significant financial market and exchange-rate turbulence, soaring inflation and higher interest rates during the period.

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